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International Tax Blog - New and Interesting International Tax Issues


Famous Tax Quote #31 - If Pigs Had Wings, They Could Fly

2010-08-25

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Continuing our series on Famous Tax Quotes (quotes from court opinions with language that is colorful or that concisely states an important tax principle) today's tax quote is:

The Tax Court concluded that “. . . If all of the shareholders . . . had been willing to remain as shareholders and to contribute their proportionate share . . . required under the plan, the cancellation of the old stock would have been unnecessary.”  We agree, but it is equally true that if pigs had wings, they could fly.  The fact is that the other shareholders did not . . . contribute their proportionate share, making it necessary to cancel the old shares. 

Delk v. Commissioner, 113 F.3d 984 (9th Cir. 1997), footnote 4.

Tags: Other - Famous Tax Quotes